Bitrue is a virtual currency exchange that received registration as a VASP in Poland. The registration was confirmed in a press conference held by the exchange this week. Bitrue is expanding its operations to European sector. During the last 3 months cryptocurrency sector has shown a sideways movement.
The certification allows the firm to offer services as a regulated entity in Poland supervised by local regulators. The press release published by the firm reveals that Bitrue has amended its money laundering policies and services.
At the same time, the firm is compliant with the guidelines issued by Polish regulators regarding VASPs to complete the licensing process. Consumers in Poland are adopting virtual currencies. At the start of the ongoing month, another exchange called Bitget received a trading license for Central European territory.
The officials of Bitrue have told media that they are going to continue to expand operations in the region citing the recent changes in virtual currency laws called MiCA or Markets in Crypto Asset Regulations act. The plan was approved at the start of the ongoing year in May.
Bitget also Registered as a VASP in Poland
Bitget managing director Gracy Chen confirmed in May that the firm has an acquired a VASP license for Poland. She said that the firm can now offer crypto derivative services for consumers in Poland as a regulated firm.
Talking about the changing landscape of blockchain regulations she claimed that regulations are the main factor that can lead to mainstream adoption of crypto sector. She maintained that the firm is adhering to the regulatory framework imposed by regulatory agencies.
In May, the firm catered to 8 million clients hailing from more than 100 countries around the globe. The firm also got a license in Lithuania with Chen saying that the trading platform intends to cooperate with policy makers across EU and other regions.
The executive claimed that it is working on providing safe, secure, and responsible access to virtual currencies for its consumers across the globe. Data projections from the firm have revealed that it BGB holders increased by 146% pushing the native token of the forum to a new ATH.
BIS is Creating a Data Project to Track Crypto
A recent report published by DeFi Flows shares the details about a new data project of Bank of International Settlement or BIS. The system uses Proof-of-Concept or PoC to track on-chain and off-chain transactions taking place on cryptocurrency exchanges and public blockchain networks such as Bitcoin.
The BIS officials are collaborating with Deutsche Bundesbank, European Central Bank, Bank of France, and De Nederlandsche Bank on the PoC project that has been dubbed as Project Atlas.
This project is set to monitor the macro-economic impact of the virtual currency markets and decentralized finance sector. On this account, the Innovation Hub of BIS has published report regarding the scope and implementation of the project.
The report cites concerns such as lack of transparency, financial stability risks, and impact of digital currencies. This project aims to compile off-chain and on-chain data from trading platforms and public blockchains.
The pilot of Project Atlas tracks digital token transactions across various geographical locations. This project tracks transactions on Bitcoin blockchain generated on centralized exchanges with locations to account for cross-border transfers. These are minimum estimates of the real transaction volumes.